The past few trading days have been a fight for control. The bulls have repeatedly ALMOST broken through resistance, but thus far they’ve failed, whether we’re talking about the /ES…..
![](https://slopeofhope.com/wp-content/uploads/2022/05/eseses-640x374.png)
……..the /NQ……..
![](https://slopeofhope.com/wp-content/uploads/2022/05/nqnq-640x376.png)
………or the /RTY………..
![](https://slopeofhope.com/wp-content/uploads/2022/05/rty-2-640x384.png)
By the end of Monday, there was an enormous amount of smoke, but absolutely no fire at all.
![](https://slopeofhope.com/wp-content/uploads/2022/05/iwmcandle-640x389.png)
My concern is if the bulls can indeed complete the bullish base below. If so, then a rally toward the next major Fibonacci resistance level comes into play (the green horizontal shown below).
![](https://slopeofhope.com/wp-content/uploads/2022/05/esbase-640x382.png)
I remain in 20% cash and am watching the situation carefully for more through signs that the counter-trend rally has run itself out. I would also urge you, once again, to keep a close eye on Ethereum for a sense of how the Animal Spirits are doing.
![](https://slopeofhope.com/wp-content/uploads/2022/05/slopechart_ETH-1-640x330.jpg)